Ritz Camera Centers Files for Bankruptcy Protection (Update2) : Ritz Camera Centers Inc., the largest camera-store chain in the U.S., filed for bankruptcy protection, blaming the deepening U.S. recession and the consumer transition to digital photography.
The 91-year-old company, which had sales of almost $1 billion in 2008, has both assets and debt of less than $500 million, according to Chapter 11 papers filed yesterday in U.S. Bankruptcy Court in Wilmington, Delaware. Ritz sought court permission to tap a new $85 million loan from existing secured lenders.
The 91-year-old company, which had sales of almost $1 billion in 2008, has both assets and debt of less than $500 million, according to Chapter 11 papers filed yesterday in U.S. Bankruptcy Court in Wilmington, Delaware. Ritz sought court permission to tap a new $85 million loan from existing secured lenders.
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